Venmo has just introduced a check-in feature to its popular mobile payment service, and to a large extent it is also temporarily waiaccording to the standard fee of 1% for someone who earns cash covid stimulus check. TechCrunch reports Venmo’s new Cash a Check service is selecting iOS and Android users this morning, and users can now use the Venmo app to pay moneyrole and U.S. government control – including stimulus checks, fee-free.
Qualifying users must have an active Venmo account with good status. Direct deposit or Venmo debit card must also be activated, as well as location services and a verified email address. Full details on how to obtain a check through Venmo are provided here. This is useful if your bank charges a fee for cash checks, or if you do not have a bank account. (Venmo’s direct deposit requires a link to an account with a financial institution, but Venmo Debit Card does not.)
Venmo’s check-in function works in the same way as using mobile deposits via a banking application. Draw the back of your check, take a photo of the front and back and send it in. According to Venmo, the approval process of the check, which is handled by First Century Bank and Ingo Money, takes only a few seconds, although in some cases it can take 3-5 minutes. In rare cases, it can take up to an hour. (Ingo Money is the same financial institution that handles check deposits for a similar function PayPal app, Venmo’s parent company.)
Unfortunately, if you did not set up your first covid incentive payment to go directly to your Venmo account, there is no way to change it for the second payment. The federal government will not reopen the portal for direct deposits, Venmo notes FAQ page. But if you expect a paper check to appear by email, which the IRS began sending out on Wednesday, December 30, the new Cash a Check feature is a way to avoid that.
Vaguely, Venmo does not offer a hard end date for its fee-free offer for check collection. In the fine print, says the company, “Offer ends when the $ 400,000 limit is reached.” It is not clear whether this is a bank intuition ceiling for these transactions or a government mandate, but Venmo is very clear that it is a limited time offer. If you already have your $ 600 check on hand and want to keep the processing cost of $ 6, do it now.
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If you have not yet received your stimulus payment, go to the Get my payment portal on the IRS website and read a book, crochet a sweater or bake a lasagna while you wait. The website is currently overloaded with requests and it may take a while to open the portal but once you are there it will tell you when your check has been posted or will be posted.